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Most banks charge what is known as a lenders mortgage premium for any deposit less then twenty percent, and this fee gets bigger, with a smaller deposit. This fee can be added to your loan amount
Your mortgage broker may be able to get a discount on this fee.
Example for a $350,000 house
Note – this is a rough guide only, as the premium varies with different lenders
5% ($17,500) $2,000 - $4,000
10% ($35,000) $1,250 - $2,500 |
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